Credit Suisse AG — $536,000,000 OFAC penalty
OFAC published a $536,000,000 civil penalty against Credit Suisse AG on 12/16/2009. It is the #6 largest action in OFAC’s 1,052-entry enforcement chart and #1 of the 27 actions published that year.
What OFAC said
As part of this global settlement, Credit Suisse has agreed to pay an aggregate amount of USD 536,000,000. The Board of Governors of the Federal Reserve System has issued a consent Cease and Desist Order against Credit Suisse in connection with the case and is requiring the bank to implement an enhanced global regulatory compliance program.
Quoted verbatim from OFAC’s enforcement release — read the original.
The record
| Entity, as published by OFAC | Credit Suisse AG |
|---|---|
| Penalty / settlement amount | $536,000,000 |
| Date published by OFAC | 12/16/2009 |
| Aggregate penalties, settlements or findings | 1 |
| Rank among all published OFAC actions | #6 of 1,052 |
| Rank within 2009 | #1 of 27 |
| Share of 2009 penalty total | 69.4% |
| Sanctions programs named in the release | Iran, Cuba, Sudan, Libya |
Primary source
OFAC enforcement release: 12162009_a.pdf. This page adds no facts beyond that document and OFAC’s published penalty chart.
Comparable 2009 actions
- Lloyds TSB Bank, plc — $217,000,000
- DPWN Holdings (USA), Inc. and DHL Express (USA), Inc. — $9,444,744
- Australia and New Zealand Bank Group, Ltd. — $5,750,000
- Gold & Silver Reserve, Inc. — $2,950,000
- Stena Bulk LLC — $426,486
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